Gr11 Econ PED | Baamboozle - Baamboozle | The Most Fun Classroom Games!

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Calculate the % change in price of product J, where in 2020 price was 101 EGP while in 2021 price reached 65 EGP.

Decrease of 24.4%

Decrease by 53.85%

Decrease of 61.82%

Decrease of 48.65%

15

A good is said to have elastic demand if_________

the good is not a necessity

There are no available substitutes

All answers are incorrect

The product's cost represents a small portion of consumer's income

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------------- is the degree to which changes in a good’s price affect the quantity demanded.

Elasticity of demand

Elasticity of Supply

Elastic Supply

Elastic Demand

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A product is considered ------------- if its price elasticity of demand is greater than one.

Elastic

Perfectly inelastic

Unit Elastic

Inelastic

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Demand for insulin fell from 526 million shots to 516, while price hiked from 0.25$ to0.62$ per pen. Calc approx. PED.

-0.66

-0.01

-1.75

-1.08

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A good is said to have inelastic demand if_________

There are available substitutes

the product's cost represents a large portion of consumers' income

the good is a necessity

All the answers are correct

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A good is said to have elastic demand if ____________

All the answers are correct

The good is not a necessity

There are available substitutes

The product's cost represents a large portion of consumers' income

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A product is considered unit elastic if its price elasticity of demand is

< 1

= 0

= 1

>1

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If a product costs around 60% of consumers’ income, then this product has elastic demand, Ceteris Paribus.

False

True

15

A good is said to have elastic demand if -------------

All answers are correct

The good is a necessity

The product's price represents a small portion of consumer's income

There are available substitutes

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A Twix chocolate has a high demand elasticity.

True

False

15

The relationship between the % change in price and the elasticity of demand is considered to be_________

dependent on the direction of change

not possible to determine

directly proportional

inversely proportional

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Crude oil demand increased from 91 million to 96.5 million barrels, while price hiked from 39.68$ to 66.30$ per barrel.

Crude oil has a perfectly elastic demand

Crude oil has a unit elastic demand

Crude oil has an elastic demand

Crude oil has an inelastic demand

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A product is considered ------------- if its price elasticity of demand is less than one.

unit elastic

perfectly elastic

inelastic

elastic

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If income elasticity is between 0 and 1, then the product in question is -----------

income perfectly elastic

income unit elastic

income inelastic

income elastic

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A product is considered ------------- if its price elasticity of demand is equal to infinity.

Perfectly elastic

Relatively inelastic

Relatively elastic

Perfectly inelastic

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